Intelligent Bio Solutions reports 50% growth in new customers

NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ:INBS) added 33 new customer accounts during its fiscal first quarter ended September 30, 2025, representing a 50% increase compared to the same period last year, according to a company press release. This growth aligns with InvestingPro data showing analysts anticipate sales growth for the company in the current year.

The medical technology company, which specializes in non-invasive testing solutions, now has over 480 active accounts. The growth was particularly strong in the United Kingdom, supported by expanding distributor activity across Europe and the Middle East. Despite having a market capitalization of just $8.63 million, InvestingPro analysis suggests the stock is currently undervalued, trading near its 52-week low of $0.94.

The company reported that approximately 91% of new accounts were first-time adopters of its drug screening solution, while 9% represented expansion within existing customer organizations.

Year-over-year analysis showed the strongest customer acquisition growth in maritime, transportation and logistics, electrical and electronic manufacturing, construction, and government administration sectors. Government administration represents a newly entered sector for the company.

"Our expanding customer base demonstrates increasing confidence in our technology and the growing recognition of its value proposition," said Harry Simeonidis, President and CEO at Intelligent Bio Solutions, in the statement.

The company’s Intelligent Fingerprinting Drug Screening System uses fingerprint sweat to provide testing for commonly found workplace drugs including opiates, cocaine, methamphetamine, and cannabis, with results available in under ten minutes.

According to the press release, the global drug screening market is projected to reach $17.1 billion by 2029, growing at a compound annual growth rate of 15%.

In other recent news, Intelligent Bio Solutions Inc. has secured a contract with a major UK industrial service provider to implement its Intelligent Fingerprinting Drug Screening System. This move is part of the company’s initiative to enhance workforce safety and compliance. Additionally, Intelligent Bio Solutions has announced plans to begin clinical studies for its drug screening system to support its FDA 510(k) submission, with an anticipated clearance in the second half of 2026. The FDA has requested a new 510(k) submission, prompting the company to provide further information to meet regulatory requirements. Intelligent Bio Solutions has also extended the expiration date of its Series H-1 Common Stock Purchase Warrants to March 2026. The company recently submitted additional information to the FDA, expecting feedback within six weeks as it aims to enter the U.S. market later this year.

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